Hey, did any of you Medicare people think about giving up gambling at 65? I would as gambling is now a lose-lose proposition. If you win, YOU LOSE, and if you lose, YOU LOSE DOUBLEY. I know that when I reach 65 (only a few more years) that's the end of gambling for me (at least gambling where I get W2G's). Happy New Year and may 2015 bring good luck to everyone.
Sent from my iPhone
My fix has been dropping to single play for quarters once I turned 65.
I'd become accustomed to dollar play, so it was a little boring at first, but the W2Gs went away.
Every now and then after a few drinks and a losing session, I'll switch to to dollars on a high variance game, so I still get some W2Gs, but not enough to drive up my SS withholding.
Sent from my iPhone
On Dec 30, 2014, at 3:49 PM, Nordo123@aol.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
Hey, did any of you Medicare people think about giving up gambling at 65? I would as gambling is now a lose-lose proposition. If you win, YOU LOSE, and if you lose, YOU LOSE DOUBLEY. I know that when I reach 65 (only a few more years) that's the end of gambling for me (at least gambling where I get W2G's). Happy New Year and may 2015 bring good luck to everyone.
Sent from my iPhone
[Non-text portions of this message have been removed]
It sucks! Why do they call it the Golden Years? Just sayin.
Sent from my iPhone
On Dec 30, 2014, at 12:49 PM, Nordo123@aol.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
Hey, did any of you Medicare people think about giving up gambling at 65? I would as gambling is now a lose-lose proposition. If you win, YOU LOSE, and if you lose, YOU LOSE DOUBLEY. I know that when I reach 65 (only a few more years) that's the end of gambling for me (at least gambling where I get W2G's). Happy New Year and may 2015 bring good luck to everyone.
Sent from my iPhone
[Non-text portions of this message have been removed]
It sucks! Why do they call it the Golden Years? Just sayin.
"Cause, between the scam artists, the medical industry and the government, they're all gonna take away the Gold that was yours.
Certainly the game is rigged. Don’t let that stop you; if you don’t bet, you can’t win. -Lazarus Long
In theory, there is no difference between theory and practice. But, in practice, there is. -Yogi Berra
There is no such thing as luck. There is only adequate or inadequate preparation to cope with a statistical universe. -Robert Heinlein
________________________________
________________________________
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (15)
vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm
Visit Your Group * New Members 2 * New Photos 2
• Privacy • Unsubscribe • Terms of Use
.
[Non-text portions of this message have been removed]
...still get some W2Gs, but not enough to drive up my SS withholding."
"SS withholding" sounds too much like the FICA tax withholding. You're talking about Medicare Parts B & D (if applicable) insurance premium withholding, right?
[Non-text portions of this message have been removed]
Once you are retired from your primary job you should have no problem filing Schedule C as a professional gambler (your part time job) This eliminates the issue as all W2G's and netted out with losses on Schedule C before it is carried over as Gross Income on form 1040. . You do have to show a profit in 3 out of 5 years, treated like a real business and pay SE Tax but you get a lot of deductions in return you can take including trial, meals, mileage, home office, and even take the M&E per diem while on the road.
Yes, The witholding driven by a high MAGI that increases Medicare B & D premiums that results in reduced SS payments. Jim
On Wednesday, December 31, 2014 4:07 AM, "vpbp2002@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:
Once you are retired from your primary job you should have no problem filing Schedule C as a professional gambler (your part time job) This eliminates the issue as all W2G's and netted out with losses on Schedule C before it is carried over as Gross Income on form 1040. . You do have to show a profit in 3 out of 5 years, treated like a real business and pay SE Tax but you get a lot of deductions in return you can take including trial, meals, mileage, home office, and even take the M&E per diem while on the road. #yiv6222030274 #yiv6222030274 -- #yiv6222030274ygrp-mkp {border:1px solid #d8d8d8;font-family:Arial;margin:10px 0;padding:0 10px;}#yiv6222030274 #yiv6222030274ygrp-mkp hr {border:1px solid #d8d8d8;}#yiv6222030274 #yiv6222030274ygrp-mkp #yiv6222030274hd {color:#628c2a;font-size:85%;font-weight:700;line-height:122%;margin:10px 0;}#yiv6222030274 #yiv6222030274ygrp-mkp #yiv6222030274ads {margin-bottom:10px;}#yiv6222030274 #yiv6222030274ygrp-mkp .yiv6222030274ad {padding:0 0;}#yiv6222030274 #yiv6222030274ygrp-mkp .yiv6222030274ad p {margin:0;}#yiv6222030274 #yiv6222030274ygrp-mkp .yiv6222030274ad a {color:#0000ff;text-decoration:none;}#yiv6222030274 #yiv6222030274ygrp-sponsor #yiv6222030274ygrp-lc {font-family:Arial;}#yiv6222030274 #yiv6222030274ygrp-sponsor #yiv6222030274ygrp-lc #yiv6222030274hd {margin:10px 0px;font-weight:700;font-size:78%;line-height:122%;}#yiv6222030274 #yiv6222030274ygrp-sponsor #yiv6222030274ygrp-lc .yiv6222030274ad {margin-bottom:10px;padding:0 0;}#yiv6222030274 #yiv6222030274actions {font-family:Verdana;font-size:11px;padding:10px 0;}#yiv6222030274 #yiv6222030274activity {background-color:#e0ecee;float:left;font-family:Verdana;font-size:10px;padding:10px;}#yiv6222030274 #yiv6222030274activity span {font-weight:700;}#yiv6222030274 #yiv6222030274activity span:first-child {text-transform:uppercase;}#yiv6222030274 #yiv6222030274activity span a {color:#5085b6;text-decoration:none;}#yiv6222030274 #yiv6222030274activity span span {color:#ff7900;}#yiv6222030274 #yiv6222030274activity span .yiv6222030274underline {text-decoration:underline;}#yiv6222030274 .yiv6222030274attach {clear:both;display:table;font-family:Arial;font-size:12px;padding:10px 0;width:400px;}#yiv6222030274 .yiv6222030274attach div a {text-decoration:none;}#yiv6222030274 .yiv6222030274attach img {border:none;padding-right:5px;}#yiv6222030274 .yiv6222030274attach label {display:block;margin-bottom:5px;}#yiv6222030274 .yiv6222030274attach label a {text-decoration:none;}#yiv6222030274 blockquote {margin:0 0 0 4px;}#yiv6222030274 .yiv6222030274bold {font-family:Arial;font-size:13px;font-weight:700;}#yiv6222030274 .yiv6222030274bold a {text-decoration:none;}#yiv6222030274 dd.yiv6222030274last p a {font-family:Verdana;font-weight:700;}#yiv6222030274 dd.yiv6222030274last p span {margin-right:10px;font-family:Verdana;font-weight:700;}#yiv6222030274 dd.yiv6222030274last p span.yiv6222030274yshortcuts {margin-right:0;}#yiv6222030274 div.yiv6222030274attach-table div div a {text-decoration:none;}#yiv6222030274 div.yiv6222030274attach-table {width:400px;}#yiv6222030274 div.yiv6222030274file-title a, #yiv6222030274 div.yiv6222030274file-title a:active, #yiv6222030274 div.yiv6222030274file-title a:hover, #yiv6222030274 div.yiv6222030274file-title a:visited {text-decoration:none;}#yiv6222030274 div.yiv6222030274photo-title a, #yiv6222030274 div.yiv6222030274photo-title a:active, #yiv6222030274 div.yiv6222030274photo-title a:hover, #yiv6222030274 div.yiv6222030274photo-title a:visited {text-decoration:none;}#yiv6222030274 div#yiv6222030274ygrp-mlmsg #yiv6222030274ygrp-msg p a span.yiv6222030274yshortcuts {font-family:Verdana;font-size:10px;font-weight:normal;}#yiv6222030274 .yiv6222030274green {color:#628c2a;}#yiv6222030274 .yiv6222030274MsoNormal {margin:0 0 0 0;}#yiv6222030274 o {font-size:0;}#yiv6222030274 #yiv6222030274photos div {float:left;width:72px;}#yiv6222030274 #yiv6222030274photos div div {border:1px solid #666666;height:62px;overflow:hidden;width:62px;}#yiv6222030274 #yiv6222030274photos div label {color:#666666;font-size:10px;overflow:hidden;text-align:center;white-space:nowrap;width:64px;}#yiv6222030274 #yiv6222030274reco-category {font-size:77%;}#yiv6222030274 #yiv6222030274reco-desc {font-size:77%;}#yiv6222030274 .yiv6222030274replbq {margin:4px;}#yiv6222030274 #yiv6222030274ygrp-actbar div a:first-child {margin-right:2px;padding-right:5px;}#yiv6222030274 #yiv6222030274ygrp-mlmsg {font-size:13px;font-family:Arial, helvetica, clean, sans-serif;}#yiv6222030274 #yiv6222030274ygrp-mlmsg table {font-size:inherit;font:100%;}#yiv6222030274 #yiv6222030274ygrp-mlmsg select, #yiv6222030274 input, #yiv6222030274 textarea {font:99% Arial, Helvetica, clean, sans-serif;}#yiv6222030274 #yiv6222030274ygrp-mlmsg pre, #yiv6222030274 code {font:115% monospace;}#yiv6222030274 #yiv6222030274ygrp-mlmsg * {line-height:1.22em;}#yiv6222030274 #yiv6222030274ygrp-mlmsg #yiv6222030274logo {padding-bottom:10px;}#yiv6222030274 #yiv6222030274ygrp-msg p a {font-family:Verdana;}#yiv6222030274 #yiv6222030274ygrp-msg p#yiv6222030274attach-count span {color:#1E66AE;font-weight:700;}#yiv6222030274 #yiv6222030274ygrp-reco #yiv6222030274reco-head {color:#ff7900;font-weight:700;}#yiv6222030274 #yiv6222030274ygrp-reco {margin-bottom:20px;padding:0px;}#yiv6222030274 #yiv6222030274ygrp-sponsor #yiv6222030274ov li a {font-size:130%;text-decoration:none;}#yiv6222030274 #yiv6222030274ygrp-sponsor #yiv6222030274ov li {font-size:77%;list-style-type:square;padding:6px 0;}#yiv6222030274 #yiv6222030274ygrp-sponsor #yiv6222030274ov ul {margin:0;padding:0 0 0 8px;}#yiv6222030274 #yiv6222030274ygrp-text {font-family:Georgia;}#yiv6222030274 #yiv6222030274ygrp-text p {margin:0 0 1em 0;}#yiv6222030274 #yiv6222030274ygrp-text tt {font-size:120%;}#yiv6222030274 #yiv6222030274ygrp-vital ul li:last-child {border-right:none !important;}#yiv6222030274
[Non-text portions of this message have been removed]
Hey, did any of you Medicare people think about giving up gambling at 65?
Being 65 does not define the situation. It is retiring from full employment. As long as you are working and have your medical insurance covered where you work, you have no Medicare premiums (at least that is how it is for me).
[Non-text portions of this message have been removed]
Recently posted: <<You do have to show a profit in 3 out of 5 years [to file as a professional gambler]>>
That is not exactly correct. Here is what Marissa explains in the book TAX HELP FOR GAMBLERS: Some people misunderstand the “three-of-five” rule for Schedule C, making a profit three years out of five. One tax expert explained it this way: “A gambler who makes a profit in three (or more) of five tax years is entitled to a presumption, which the IRS can overcome, that he is in business; a gambler who doesn’t has to overcome the contrary presumption.”
By the way, there is a new updated edition of this book coming out around mid-January, only available as an eBook this time. It has much new information – updates and changes – with details about the most recent court cases that impact gamblers. Many changes in the section about state taxes too. I’ll let you know when it is available for download.
------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
From: mailto:vpF…@…com
Sent: Wednesday, December 31, 2014 1:07 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Re: Medicare and W-2Gs
Once you are retired from your primary job you should have no problem filing Schedule C as a professional gambler (your part time job) This eliminates the issue as all W2G's and netted out with losses on Schedule C before it is carried over as Gross Income on form 1040. . You do have to show a profit in 3 out of 5 years, treated like a real business and pay SE Tax but you get a lot of deductions in return you can take including trial, meals, mileage, home office, and even take the M&E per diem while on the road.
[Non-text portions of this message have been removed]